SMA/Gerling Norway to be renamed post acquisition

Skuld, a marine insurer, will rename SMA/Gerling Norway as Skuld Marine Agency (SMA) when it completes its acquisition of the insurer by the end of the year.

The acquisition gives Skuld the renewal rights on SMA/Gerling Norway’s hull & machinery book of business, which covers around 6,000 vessels paying some $40 million in premium.

All new renewals will be insured with Skuld’s own corporate paper and operate separately from Skuld’s syndicate 1897 at Lloyd’s. Skuld 1897 will continue its strategy as before and will not be affected by the acquisition.

Ståle Hansen, Skuld’s president and CEO, said: "We are delighted to be close to completing this acquisition, being an important deal for Skuld, and very much in line with our strategy of diversification.

“Our priority remains our commitment to ensuring that brokers and policyholders experience no downgrade in service: it is simply a change of ownership and we are confident that in Skuld they will enjoy the service and competence that our existing partners and clients rely on.”